Oil prices are moving lower again on Thursday, despite the latest DOE report showing huge declines in inventories and US output. These declines were hurricane related but the market rumour is that the output is recovering very quickly and that the hurricane will not have a lasting impact on supply.
Both OIL and OIL.WTI decline by nearly 1% following a major sell-off on Wednesday and despite euphoric gains on indices. OIL.WTI attempts to break out of the upwards sloping channel – a move that technically could provoke a more significant correction.
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